Kevin Mobolade’s entrepreneurial journey into the FinTech house began after drawing a private connection to a enterprise white paper.
Growing up, Mobalade mentioned he watched his immigrant dad and mom navigate each the “struggles and the triumphs” of the American monetary system.
The drawback wasn’t simply private; additionally it is extremely prevalent throughout the United States. 22% of the inhabitants is unbanked or underbanked, in keeping with a current report from the Federal Reserve. Lack of monetary schooling — stacked on high of a predatory lending system — prohibit many individuals from rising wealth.
On the opposite facet of the monetary equation, banks and credit score unions are continually looking for new prospects. The white paper that Mobolade mentioned sparked his FinTech entrepreneurial pursuits explored what it’d appear like to leverage different information and synthetic intelligence may help improve the quantity of people that can entry monetary assets.
From there, he began iterating on concepts to offer higher mortgage merchandise to extra folks.
“Over the course of the COVID pandemic, I used to be in a position to put that concept available in the market and had conversations with VPs of lending. And over the course of time, Swipe Credit was sort of born,” Mobalade instructed Hypepotamus.
Ultimately, Swipe Credit is an automated, digital lending platform that gives extra versatile and extra customizable mortgage merchandise. And in its early phases, it has already made waves within the Atlanta FinTech and VC neighborhood.
A New Model
While AI bias is a really actual dialog each out and in of the tech world, Mobalade mentioned it has the potential to democratize the lending course of. “Any mechanism or algorithm or software program takes the type of the creator,” Mobalade defined. “A lot of the biases that we see in synthetic intelligence and laptop imaginative and prescient come from the truth that the people who find themselves constructing it should not Black or Brown. We need to create a product that’s going to assist those who appear like us to succeed, and continually handle any threats of bias that could possibly be applied within the answer.”
What began as a B2C play has emerged as a B2B2C enterprise, as prospects (primarily VPs of lending or equal), use Swipe’s enterprise answer to trace new customers and their threat.
Mobalade and his CTO, Dr. Charles Lively, are each graduates of Mercer University in central Georgia and now stay in Atlanta. The workforce has grown to incorporate a Chief Product Officer and has open roles for Head of Design and an engineer on their website.
Mobalade just lately pitched the thought at Panoramic Ventures’ inaugural Startup Showdown, a month-to-month competitors for early-stage founders to get suggestions on their concepts and pitch for $120,000.
Mark Flickinger, General Partner and COO at Panoramic Ventures, mentioned Mobalade’s potential to articulate his answer for the unbanked and underbanked inhabitants actually helped Swipe Credit stand out throughout the competitors.
“A lot of individuals have tried to go B2C, however they’re doing B2B2C,” Flickinger instructed Hypepotamus. “That brings in one other final beneficiary of their merchandise.”
While Swipe takes dwelling the title as the primary Startup Showdown winner, Mobalade is definitely no stranger to the pitch competitors circuit. He additionally serves as CEO of Droflika Labs, a drone analytics platform that participated in Atlanta Startup Battle again in 2018.
Mobalade mentioned Swipe Credit has a seed spherical within the works and plans to make use of the Startup Showdown cash to drive buyer acquisition.
Startup founders who assume they’ve what it takes to pitch at upcoming Startup Showdown occasions are inspired to use here.